Did you know that foreclosures are not all they are stacked up to be?
In recent years in the Okanagan, Shuswap real estate market foreclosures have become increasingly popular. However, they can be a buyer’s nightmare.
There is a concept called “as is, where is” that is built into a foreclosure. This means that you get what you get. If there was a fridge and stove in the house when you saw it, there is no guarantee that it will be there when you take possession. Nothing is guaranteed—not even the light fixtures or the door knobs.
But what about the price? Are foreclosures not always a great deal? Absolutely not. Many times there are multiple people, when the foreclosure goes to court, who believe the property is underpriced just because it is a foreclosure. These people are now in a bidding war, and very often the sale price is above the list price and often above what the house is worth.
The court’s job is to get the highest price possible for the house. They do this by creating competition.
Bill Hubbard is a real estate broker and the owner and broker of a four-office real estate firm in the Okanagan-Shuswap. He has been in real estate for 28 years and has been an owner and broker in Vernon for 20 years. At almost 60 years old he is just as passionate about real estate as the day he started.
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